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A product goes through two processes. Last month’s data for process two was as follows:
Normal loss is 5% of input. All losses are fully processed and have a scrap value of $3 a litre. Closing work in progress is fully complete for material but is only 20% processed.
Information’
Material transferred from process one 3,200 litres at $5 a litre
Conversion costs 8,500
Output transferred to finished goods 2,800 litres
Closing work in progress 100 litres
1,what is the value of the completed output? $
2,What is the value of the closing work in progress (to the nearest cent?
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